KPPD defends itself from hostile takeover

09-03-2007, 11:14

Warsaw (Puls Biznesu) – Main shareholder sells its shares to regain his votes during the GSM. He suspects Kronospan plans a hostile takeover.

In less than a week, the general shareholders’ meeting of Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego (KPPD) will be held to choose the new supervisory board. Currently, the shareholder structure of the company is changing rapidly. The main shareholder, the employees’ company called Drembo, sold 16.5 percent stake. Before the transaction, it had controlled 49.9 percent of KPPD capital but had not had the right to vote. Drembo owners bought the stake and are going to take part in the GSM.
“We want to defend the company. We want the present supervisory board not to be changed”, Marek Szumowicz, Drembo CEO said.

According to “PB” sources, further stakes will be sold and acquired by employers. Drembo fears a hostile takeover.

The GSM was summoned by the Ministry of the Treasure, the owner of below 16 percent of the capital. Recently, Kronospan, the Austrian wooden holding, one of Poland’s two main board producers, bought a 6 percent stake of KPPD.

“Kronospan is trying to acquire the company. The Austrians are interested in the market only. If Kronospan acquires KPPD, it may close the plants and 1,000 people will be left without a job”, Marek Szumowicz said.

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